The recent BCG report that I mentioned in a previous blog post lists the 50 most innovative global companies across industries and the primary reason they were selected to be on this list. Interestingly, only 4 of the top 10 and 17 of the top 50 were cited for 'breakthrough products'. The other common reasons for being on the list are 'innovative processes' (14 out of 50 companies), 'unique customer experiences' (15 out of 50), and 'new and differentiated business models'. So while 'breakthrough products' is still the most common reason for being considered innovative, it is by no means the only reason, nor is it the reason for the majority of innovative companies.
Studies like this help to reinforce the notion that innovation is so much more than just new products.
I wonder...if General Mills were to put as much focus on 'innovative processes', 'unique customer experiences', and 'new and differentiated business models' as it does on product innovation, what types of game-changing innovation could be unlocked??
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Funny that Toyota is on the list. They are very conservative, slow decision speed, keep people in roles for years so they learn and teach, but move quickly when all decisions are made and they need to launch.
A new process is needed but it is also a cultural mindset. You don't fail once on Wahoos and set a subliminal message of fear for years to come. Look at the top 50 and you see something in these companies DNA's that bleeds into their brands equity. Check out public perceptions on these brands: http://www.brandtags.net/
I would love to see your generation of leadership at Mills prove me wrong.
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